Madhav Marbles and Granites Limited has disclosed the details of encumbered shares held by its promoter and promoter group for the financial year ended March 31, 2026. The filing, submitted to the stock exchanges on April 7, 2026, was made in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This regulation mandates the disclosure of shares pledged by promoters to ensure transparency for shareholders.

The disclosure was addressed to the Listing Departments of BSE Limited and the National Stock Exchange of India Ltd. The company requested the exchanges to take the information on record. The document was signed by Priyanka Manawat, Company Secretary of Madhav Marbles and Granites Limited.

Key Details of the Disclosure

The filing pertains specifically to the status of encumbered shares as of March 31, 2026. The disclosure provides the necessary data regarding the shares held by the promoter group that are currently pledged or otherwise encumbered.

Madhav Marbles and Granites Limited reported a standalone net profit of ₹23.88 crore for the year ended March 31, 2026, an increase from ₹7.51 crore in the previous year. Revenue from operations for the fiscal year stood at ₹3046.24 crore, slightly lower than ₹3094.89 crore in FY25. The board approved the audited standalone and consolidated financial results for FY26 in a meeting held on May 29, 2026.

The board approved the acquisition of an additional 40% equity stake in Madhav Ashok Ventures Private Limited, an existing subsidiary, increasing the company's shareholding from 60% to 100%. The acquisition will be executed in tranches and is subject to definitive agreements and necessary approvals. Additionally, the board approved investment or financial assistance of up to INR 10 Crore in its overseas associate, Madhav Surfaces FZC LLC, to support working capital and operational expenses.

The board also approved the extension of the repayment period for loans granted to two subsidiaries. The loan repayment timeline for Madhav Natural Stone Surfaces Private Limited was extended by one year effective from April 01, 2026, while the repayment period for Madhav Ashok Ventures Private Limited was extended by two years from the same date. Both extensions are subject to shareholder and regulatory approvals. The outstanding loan balance for Madhav Natural Stone Surfaces Private Limited is INR 6.00 Crore including interest, and for Madhav Ashok Ventures Private Limited is INR 23.80 Crore including interest.

M/s Nyati & Associates, Chartered Accountants, the Statutory Auditors, issued their report with a modified opinion on the audited standalone and consolidated financial results. The auditors noted that the company had not carried out impairment assessments for investments and loans in subsidiaries Madhav Ashok Ventures Private Limited and Madhav Natural Stone Surfaces Private Limited, and associate Madhav Surfaces FZC LLC, where net worth had been fully eroded due to continued losses.

The statutory auditors also highlighted in the consolidated report that a subsidiary, Madhav Ashok Ventures Private Limited, may be required to register as a Non-Banking Financial Company (NBFC) but had not obtained such registration as of the balance sheet date. Another subsidiary, Madhav Natural Stone and Surface Private Limited, had not made provisions for abandoned capital work-in-progress aggregating to ₹2.43 crore.